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The Global Financial Crisis and AsiaImplications and Challenges$
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Masahiro Kawai, Mario B. Lamberte, and Yung Chul Park

Print publication date: 2012

Print ISBN-13: 9780199660957

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199660957.001.0001

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Intra-Regional Trade in East Asia

Intra-Regional Trade in East Asia

The Decoupling Fallacy, Crisis, and Policy Challenges

Chapter:
(p.107) 5 Intra-Regional Trade in East Asia
Source:
The Global Financial Crisis and Asia
Author(s):

Prema-Chandra Athukorala

Archanun Kohpaiboon

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199660957.003.0005

This chapter examines the export experience of East Asian economies in the aftermath of the crisis against the backdrop of a systematic analysis of pre-crisis trade patterns. The analysis is motivated by the “decoupling” thesis, which was a popular theme in Asian policy circles in the lead-up to the onset of the recent financial crisis, and aims to probe three key issues: Was the East Asian trade integration story that underpinned the decoupling thesis simply a statistical artefact or the massive export contraction caused by an overreaction of traders to the global economic crisis and/or by the drying up of trade credit, which overpowered the cushion provided by intra-regional trade? What are the new policy challenges faced by the East Asian economies? Is there room for an integrated policy response that marks a clear departure from the pre-crisis policy stance favouring export-oriented growth?

Keywords:   financial crisis, decoupling, policy response, trade integration, export-oriented growth

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